Marriott Posts First Quarterly Loss in Nine Years Amidst Coronavirus Pandemic

Marriott International announced financial results for the second quarter of 2020.

The world’s largest hotel chain reported a net loss of $234 million, compared to net income of $232 in the same period one year prior. The adjusted net loss for the quarter was $210 million, compared to $525 million in Q2 2020.

The quarterly loss was Marriott’s first in nine years.

Travel bans and the need for social distancing during the coronavirus pandemic weighed heavily on the hotel’s second-quarter results.

The “frustratingly high” coronavirus rate in many parts of the world was to blame, said Arne Sorensen, the chain’s president.

Revenue per available room, or RevPar, declined by 84%, the company said.

In China, occupancy rates are first reaching 60%, compared to 70% last year at the same time.

(Photo: Accura Media Group)